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Reports Singapore

Singapore stock market and companies daily report (Frasers Centrepoint, Parkway Life Reit, OUE) (August 04, 2014)

August 4, 2014, Monday, 04:43 GMT | 00:43 EST | 09:13 IST | 11:43 SGT
Contributed by Shares Investment

COSCO Corporation (Singapore) reported a 8.8 percent year-on-year increase in revenue to $1.1 billion in 2Q14, underpinned by an increase in shipyard revenue. As a result of lower margin at shipyard operations, gross profit fell 4 percent year-on-year to $92 million.  However, due to higher sale value of scrap materials, a foreign exchange and fair value gains registered on forward currency contracts, net profit rose 18.8 percent year-on-year to $14.3 million.

Frasers Centrepoint announced the development of Northpoint City, an integrated development located in the Nee Soon district. This will include the development of the largest shopping mall in northern Northern Singapore along with North Park Residences comprising of 920 residential units. Northpoint City will be directly connected to Yishun MRT via an underpass.

KLW Holdings secured a new Singapore residential project valued at $3 million for the supply and installation of doors for a private residential development. The contract is awarded by Keong Hong Construction with date of completion by 24 July 2016.

Parkway Life Real Estate Investment Trust recorded a 12.2 percent growth in gross revenue to $25.3 million in 2Q14, primarily due to rental income contributed from the Japan properties acquired in 2H13 and 1Q14. As a result, net property income rose 12 percent to $23.6 million and subsequently, distributable income to unit holders and distribution per unit grew 10.2 percent each, to $17.5 million and $0.029 respectively in 2Q14. For the six-month period, distribution per unit increased 8.5 percent to $0.0572.

OUE’s 2Q14 revenue fell 10.6 percent year-on-year to $100.2 million, underpinned by lower contribution from the hospitality and development property divisions. Net profit for the quarter dropped 69.6 percent to $4.4 million due to lower contribution from Mandarin Gallery and Mandarin Orchard Singapore held via the group’s equity interest in OUE H-TRUST, partially offset by lower finance expenses.

R H Energy’s revenue fell 7.9 percent year-on-year to US$5.9 million in 2Q14, underpinned mainly by fewer deliveries of completed equipment integration projects and a decrease in the recognition of revenue from consultancy and inspection services as most of the existing projects are near completion. Consequently, due to lower revenue, gross profit fell 6.6 percent year-on-year to US$1.5 million in 2Q14. Coupled with higher financing costs incurred from the utilisation of financial facilities for working capital requirements, net profit fell 34 percent year-on-year to US$1.1 million.

United Industrial Corporation reported a 10.4 percent year-on-year increase in revenue to $167.7 million in 2Q14, underpinned by higher trading property sales and contribution from its hotel operations. Consequently, as a result of an increase in cost of goods sold, gross profits rose 7.3 percent year-on-year to $71 million. Net profit came in 26.8 percent higher at $171.5 million due mainly to lower fair value gain in Marina Square (which the firm has an effective interest of 52 percent) and lower minorities’ share of Singapore Land’s net profit.